Reviews & Compilations

Here at Godbold, Romanov & Love CPAs, we are professionally trained and prepared to write financial compilations and reviews for our clients.

A compilation is a basic summary of your company’s financial statements using the data your company provides and is written by a CPA. There are no tests performed nor internal controls examined by an auditor, so, unlike a review or audit, there is no assurance. Meaning, one of our accountants will review and ask questions about your business’s financial statements, but will not compare them to any of their expectations, so no opinion will be provided.

Because a compilation is informal by nature, it should only be used in straightforward, uncomplicated situations. It’s usually performed when a business needs a second set of expert eyes to review financial records.

A review completed by a CPA reports on the credibility of your financial statements, so it provides limited assurance from the limited analysis of procedures and management. Reviews are typically requested by business owners who are not legally required to have an audit, but would still like an analysis of their financial records to save time and money.

Some lenders may require an annual reviewed financial statement before a loan or grant agreement, but it’s also beneficial to business owners to be aware of the insights into your financials, provide added security and peace of mind for your board, lenders, and investors, as well as the future of your company.

Consult with us to make sure you are performing the correct financial assessment method for your business.